Carmignac Group and BNP Paribas Investment Partners have been granted the RQFII licence as Renminbi Qualified Foreign Institutional Investor.
The licence gives access to A shares and local bonds denominated in RMB. The management company will subsequently be allocated a specific investment quota. The licences have been awarded as part of a visit by Chinese vice premier Ma Kai to France.
Competition to access the Chinese market is growing, with Frankfurt and London having recently been assigned as Renminbi clearing hubs and Luxembourg becoming the third largest Renminbi centre globally.